Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0362%/8h= −39.7% APRpaid last 24h −0.012%

Price spread now: Deribit against Bybit−0.021%7-day average +0.006% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$310.315% of the position

Long on Bybit Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.291%−$29 on $10k

Price spread, last 4 days (all we have)−0.222%−$22 · spread now −0.021%, 7d avg +0.006%

Together, before fees−0.513%−$51 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Deribit is 0.027% cheaper against Bybit than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.006%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit BZUSDT	95.080	−0.0018	get 0.0018% / 8h	7h 02m	$10.0M	$14.5M	100x
Short	Deribit BRENTOIL_USDC-PERPETUAL	95.060	−0.0381	pay 0.0048% / 1h	2m 18s	$98K	$268K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Bybit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BybitbpFee DeribitbpOrdersPrice spread, now −0.021%Rate

Funding earned: −$76.11
Price spread: −0.021% → +0.006%: −$2.73
Slippage, 4 orders: −$13.5
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$110.34
Costs to cover: 0.315%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 min ago; Deribit: live order book, 31 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Bybit live order book, 1 min ago	0.52 bp	7.9 bp −$8	12.7 bp −$127	doesn't fit	doesn't fit
Sell Deribit live order book, 31 min ago	0.51 bp	4.0 bp −$4	4.8 bp −$48	doesn't fit	doesn't fit

BZ on 31 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit BRENTOIL_USDC-PERPETUALshort	−0.0381%	1h	95.060	−0.021%	$98K	$268K	15x
Injective BRENT/USDC PERP	−0.0220%	1h	96.342	+1.327%	$8K	$7K	30x	as long as short
GRVT BZ_USDT_Perp	−0.0144%	4h	94.935	−0.152%	$14K	$329K	25x	as long as short
Ondo Perps BRENT-USD.P	−0.0099%	1h	95.000	−0.084%	$3.0M	$1.0M	15x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0056%	1h	95.100	+0.021%	$274K	$584K	15x	as long as short
RISEx BZ/USDC	−0.0039%	1h	95.262	+0.191%	$2.3M	$1.8M	20x	as long as short
BloFin BZ-USDT	−0.0028%	4h	95.290	+0.221%	$1.5M	$102K	50x	as long as short
Bybit BZUSDTlong	−0.0018%	8h	95.080	long leg	$10.0M	$14.5M	100x
Kraken Futures PF_BRENTOILUSD	−0.0002%	1h	95.083	+0.003%	$81K	$203K	20x	as long as short
Aster BZUSDT	0.0000%	4h	95.131	+0.054%	$329K	$702K	50x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance BZUSDT	0.0000%	4h	95.050	−0.032%	$145.9M	$383.9M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	95.010	−0.074%	$16.0M	$22.4M	50x	as long as short
Gate BZ_USDT	0.0000%	8h	95.020	−0.063%	$9.1M	$11.4M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	95.080	0.000%	$28.1M	$21.6M	100x	as long as short
Variational Omni BZ	0.0000%	4h	95.129	+0.052%	$9.2M	$6.4M	—	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	95.080	0.000%	$4K	$2.1M	20x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	95.060	−0.021%	$272K	$263K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	95.410	+0.347%	$1.2M	$80K	100x	as long as short
edgeX BZUSDC	+0.0002%	4h	95.057	−0.024%	$218K	$231K	20x	as long as short
Vest BZ-PERP	+0.0010%	1h	98.820	+3.934%	—	$735K	10x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	95.602	+0.549%	—	—	—	as long as short
Paradex BZ-USD-PERP	+0.0032%	8h	95.054	−0.027%	$2K	$1K	5x	as long as short
Lighter BRENTOIL	+0.0032%	1h	95.070	−0.011%	$3.5M	$4.8M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	95.104	+0.025%	$732K	$2.6M	10x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	95.110	+0.032%	$151.6M	$125.9M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	95.111	+0.033%	$1.5M	$336K	20x	as long as short
Aftermath Perps BRENTUSD	+0.0056%	1h	95.495	+0.437%	$7K	$39K	5x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	95.140	+0.063%	$3.4M	$1.1M	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	95.150	+0.074%	$25K	$274K	50x	as long as short
Hotstuff BRENTOIL-PERP	+0.0112%	1h	95.150	+0.074%	$33K	—	20x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0184% / S −0.0707%	1h	95.045	−0.037%	$33K	—	111x	as long as short